NYSE: REXR Rexford Industrial Realty Earnings Presentation 4Q 2025 14434-14527 San Pedro Street, South Bay 2390 58K SF Repositioning | 100% Leased in 4Q25 -2442 North American Way, North Orange County Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management's beliefs and assumptions and information currently av ...

Financial Data and Key Metrics Changes - NAREIT funds from operations (FFO) for Q4 2025 were $0.77 per fully diluted share, up from $0.71 per share in Q4 2024, representing an increase of 8.5% [13] - For the full year 2025, FFO per fully diluted share was $2.96, compared to $2.65 in 2024, marking a 12% increase [13] - Cash same-store NOI growth for 2025 was 7.1%, driven by rental rate increases and new leasing, despite lower average occupancy [13][14] - The company finished Q4 with in-service occupancy of 94.4%, an increase of 40 basis points from Q3 [14] Business Line Data and Key Metrics Changes - Total leasing for 2025 reached 941 million sq ft, the second highest year on record, and 12% higher than 2024 [8] - Cash rental rate increase on new and renewal leasing for 2025 was 32%, with a projected range of 30%-40% for 2026 [9][10] - The company signed 231,000 sq ft of leases in two developments, including a significant lease in Houston [9] Market Data and Key Metrics Changes - The overall leasing market saw a record 226 million sq ft of leasing activity in Q4 2025, a 22% increase year-over-year [7] - Vacancy in Q4 was 6.7%, with net absorption of 58 million sq ft and completions at 78 million sq ft [8] - Construction starts nationally in Q4 were 45 million sq ft, consistent with Q3 but below 2022's peak levels [8] Company Strategy and Development Direction - The company is focused on capitalizing on growth opportunities within its portfolio and new developments to enhance shareholder value [18] - The company plans to break ground on two new buildings in Q1 2026, continuing its methodical expansion strategy [11] - The company is evaluating potential higher uses for its land bank, particularly in data center opportunities [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile economy, emphasizing a resilient portfolio and growth opportunities ahead [6] - The company anticipates cash same-store NOI growth of 5%-6% for 2026, with a focus on maintaining occupancy levels [17] - Management noted that the leasing environment is improving, with increased tenant engagement and reduced sublet space availability [48] Other Important Information - The board declared a first-quarter dividend of $0.50 per share, a 12.4% increase aligned with anticipated cash flow growth [12] - Bad debt expense for 2025 was $700,000, better than the original guidance of $1 million, with a forecast of $1 million for 2026 [16] Q&A Session Summary Question: Update on development leasing and its impact on occupancy - Management indicated that the 1.7 million sq ft development opportunity could positively impact occupancy if leased in the second half of 2026 [20][22] Question: Status of the Denver property for lease or sale - Management confirmed active discussions with prospects for leasing the Denver property, with updates to follow [21] Question: Contribution of development projects to FFO guidance - Management stated that even without leasing the 1.7 million sq ft or the 708,000 sq ft, they would still be within the FFO guidance range [26] Question: Trends in concessions and rental rates - Management noted that concessions are flat to drifting up, with free rent averaging between half a month to one month per year of term [50] Question: Retention rates and tenant activity - The company achieved a 71% retention rate in 2025 and expects similar results in 2026, with ongoing discussions for renewals [56] Question: Activity from major tenants like Amazon and Walmart - Management reported that Amazon remains active in seeking additional space, with significant leasing activity noted in Q4 2025 [34][36]

Financial Data and Key Metrics Changes - NAREIT funds from operations (FFO) for Q4 2025 were $0.77 per fully diluted share, up from $0.71 in Q4 2024, representing an increase of 8.5% [10] - For the full year 2025, FFO per fully diluted share was $2.96, compared to $2.65 in 2024, indicating a 12% increase [10] - Cash same-store NOI growth for 2025 was 7.1%, driven by rental rate increases and new leasing, while Q4 cash same-store NOI growth was 3.7% [10][12] - In-service occupancy at the end of Q4 was 94.4%, an increase of 40 basis points from Q3 [10] Business Line Data and Key Metrics Changes - Total leasing for 2025 reached 941 million sq ft, marking a 12% increase from 2024 and the second highest year on record [5] - 3PLs represented 36% of total leasing activity, with retail and manufacturing also being significant contributors [5] - The company signed 231,000 sq ft of leases in two developments during the quarter, with a cash rental rate increase of 32% for new and renewal leasing in 2025 [6] Market Data and Key Metrics Changes - The overall leasing market saw a record 226 million sq ft of leasing activity in Q4 2025, a 22% increase year-over-year [4] - National vacancy rate in Q4 was 6.7%, with net absorption of 58 million sq ft and completions at 78 million sq ft [5] - Construction starts in Q4 were 45 million sq ft, consistent with Q3 but below 2022's peak levels [5] Company Strategy and Development Direction - The company is focused on capitalizing on opportunities within its portfolio and new developments to drive cash flow growth and enhance shareholder value [15] - The company plans to break ground on two new buildings in Q1 2026, continuing its development strategy in key markets [8] - The board declared a first-quarter dividend of $0.50 per share, a 12.4% increase, reflecting anticipated cash flow growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile economy and highlighted a resilient portfolio with significant growth opportunities [4] - The company anticipates cash rental rate growth of 30%-40% for 2026, with a focus on maintaining high occupancy levels [6][12] - Management noted that bad debt expense for 2025 was $700,000, better than the original guidance of $1 million, with a forecast of $1 million for 2026 [12] Other Important Information - The company successfully refinanced two term loans, enhancing its capital structure [11] - The company is evaluating potential higher uses for its land bank, particularly in data center opportunities [41] Q&A Session Summary Question: Update on development leasing and leasing activity - Management indicated that the 1.7 million sq ft of development leasing could come from a total of 2.5 million sq ft of development opportunities [17] Question: Status of the Denver property - The property is available for lease or sale, with active prospects for leasing [18] Question: Contribution of specific assets to FFO guidance - Management stated that even without leasing the 1.7 million sq ft or the 708,000 sq ft, they would still be within their FFO guidance range [22] Question: Trends in concessions and rental rates - Concessions are flat to drifting up, with free rent averaging between half a month to one month per year of term [49] Question: Retention rates and leasing activity - The overall retention rate for 2025 was 71%, with expectations for a similar rate in 2026 [55]

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q4 2025 was $2.34, an increase of 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [7][13] - Quarter-end leasing was at 97%, with occupancy at 96.5%, and average quarterly occupancy increased by 40 basis points from Q4 2024 [7][8] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [8][14] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [10] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [8] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [10] - The construction pipeline is at a historical low, which is expected to place upward pressure on rents as demand stabilizes [11] Company Strategy and Development Direction - The company aims to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [11] - The company is expanding its footprint in Las Vegas and has added new land development sites in San Antonio and Northeast Dallas [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum and the sustainability of this trend [19] - The company anticipates FFO for 2026 to be in the range of $2.25-$2.33 per share for Q1 and $9.40-$9.60 per share for the year, representing increases of 8% and 6.1% compared to the prior year [16] Other Important Information - The company has a strong balance sheet with a debt to total market capitalization of 14.7% and a debt to EBITDA ratio of 3 times [15] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [17] Q&A Session Summary Question: Development leasing trends and prospect activity - Management noted that the uptick in development leasing was primarily due to decisions made after a period of uncertainty, with a mix of expansions and new tenants [25][26] Question: Market rent growth expectations - Management indicated that while demand has increased, it has not yet translated into significant rent growth, but they are optimistic about future increases due to low construction pipeline levels [36][37] Question: Competitive supply and lender appetite - Management expressed confidence in their competitive position, noting that while supply may eventually increase, current zoning and permitting challenges will delay new developments [46][90] Question: Capital allocation and debt versus equity issuance - Management stated they are monitoring both debt and equity markets and will remain flexible in their capital allocation strategy [60][62] Question: Guidance setting and expectations for 2026 - Management emphasized a cautious approach to guidance, aiming for a conservative estimate while remaining optimistic about potential outperformance [75][78]

Financial Data and Key Metrics Changes - Funds from operations (FFO) were $2.34 per share, up 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [7] - Quarterly occupancy was 96.5%, with average quarterly occupancy at 96.2%, an increase of 40 basis points from Q4 2024 [7] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [8][14] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [10] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [8] - Average lease size in Q4 increased to over 60,000 sq ft, indicating a positive trend in leasing activity [29] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [10] - The construction pipeline is at a 7-8 year low, which is expected to lead to upward pressure on rents as demand stabilizes [11][36] - The company is focusing on geographic and tenant diversity to stabilize earnings regardless of economic conditions [8] Company Strategy and Development Direction - The company plans to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [11] - A forecast of $250 million in new development starts for 2026 was provided, with an emphasis on maintaining projected yields [11] - The company is modernizing its portfolio and expanding its footprint in key markets like Las Vegas and San Antonio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum, with expectations for sustainable growth [19] - The company is confident in its high-quality portfolio and the ability to execute in a steadily improving environment [18] - Management acknowledged potential challenges in the operating environment but remains focused on driving FFO per share growth and enhancing portfolio quality [19] Other Important Information - The company ended the year with $19 million drawn on its unsecured bank credit facility, leaving over $650 million in available capacity [15] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [17] - The company has $140 million in unsecured debt maturing during Q4 2026, with plans to fund repayments and new investments through bank credit facilities and new debt issuance [18] Q&A Session Summary Question: Development leasing trends and prospect activity - Management noted that the uptick in development leasing was primarily due to long-term decision-making resuming after a volatile year, with a mix of expansions and new tenants [25][26] Question: Market rent growth expectations - Management indicated that while demand has picked up, it has not yet translated into significant rent growth, but optimism remains due to low construction pipeline levels [36][37] Question: Competitive supply and lender appetite - Management expressed confidence in the current competitive supply situation, noting that obtaining permits and land remains challenging for private developers [47][48] Question: Guidance and capital allocation - Management discussed the flexibility in capital allocation between debt and equity, emphasizing a balanced approach based on market conditions [60][62] Question: Development lease-up assumptions - Management indicated that development lease-up is expected to be back-end weighted, with significant activity anticipated in the latter half of the year [68][69]

Financial Data and Key Metrics Changes - Funds from operations (FFO) were $2.34 per share, up 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [5][11] - Quarter-end leasing was at 97%, with occupancy at 96.5%, and average quarterly occupancy increased by 40 basis points from Q4 2024 to 96.2% [5][6] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [6][11] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [8] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [6][11] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [8] - The construction pipeline is at a 7-8 year low, which is expected to lead to upward pressure on rents as demand stabilizes [9][33] Company Strategy and Development Direction - The company aims to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [9][10] - The company is expanding its footprint in Las Vegas and has added new land development sites in San Antonio and Northeast Dallas [10] - The company is modernizing its portfolio and exiting less strategic markets like Fresno [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum and the sustainability of this trend [17] - The company anticipates FFO for 2026 to be in the range of $2.25-$2.33 per share for Q1 and $9.40-$9.60 per share for the year, representing increases of 8% and 6.1% compared to the prior year [13] - Management highlighted the challenges in obtaining zoning and permitting, which may limit supply and create upward pressure on rents [9][88] Other Important Information - The company ended the year with $19 million drawn on its unsecured bank credit facility, leaving over $650 million in available capacity [12] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [14] Q&A Session Summary Question: Can you walk through the development leasing trends and prospect activity? - Management noted that the uptick in development leasing was primarily due to long-awaited decisions being made, with a mix of expansions and new tenants [22][24] Question: How is the development leasing translating into pricing or market rent growth? - Management indicated that while demand has picked up, it has not yet translated into significant rent growth, but they are optimistic due to low construction pipeline levels [32][33] Question: What are the expectations for competitive supply and lender appetite for development? - Management expressed confidence in the tight competitive supply and noted that while there is institutional demand, the process of securing land and permits remains challenging [44][88] Question: What yields are anticipated on new starts? - Management expects yields on new starts to be similar to those achieved in 2025, with a strong land bank and permits in hand [52][53] Question: How will the expanded management structure improve operations? - Management highlighted that the restructuring aims to enhance operational efficiencies and better support field teams, allowing for quicker decision-making [95][100]

Table of Contents Conference Call 1-800-836-8184 | ID – EastGroup February 5, 2026 10:00 a.m. Eastern Time webcast available at EastGroup.net Q4 2025 Supplemental | Page 1 SUPPLEMENTAL INFORMATION December 31, 2025 Skyway Logistics Park, Charlotte, NC Table of Contents | Financial Information: | | | | --- | --- | --- | | Consolidated Balance Sheets | | 3 | | Consolidated Statements of Income and Comprehensive Income | | 4 | | Reconciliations of GAAP to Non-GAAP Measures | | 5 | | Consolidated Statements of ...

Melbourne Industrial State of the Market Q4 2025 Vacancy rose further in Q4-25, however incentives remained stable and take-up was resilient. With limited new supply expected over the next 2-years, market conditions are likely to strengthen in 2026. knightfrank.com.au/research Source: ESR (Reservoir Business Hub) Leasing overview Development activity is forecast to slow markedly in 2026 and 2027 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 50 70 90 110 130 150 170 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 ...

Financial Performance - For the quarter ended December 2025, Rexford Industrial reported revenue of $248.1 million, reflecting a year-over-year increase of 2.1% [1] - Earnings per share (EPS) for the quarter was $0.59, a significant increase from $0.27 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $250.22 million, resulting in a revenue surprise of -0.85% [1] - The company achieved an EPS surprise of +1.01%, with the consensus EPS estimate being $0.58 [1] Key Metrics - Rental income was reported at $243.23 million, compared to the average estimate of $247.13 million, representing a year-over-year change of +1.5% [4] - Management and leasing services revenue was $0.2 million, exceeding the average estimate of $0.12 million, with a year-over-year increase of +18% [4] - Interest income was reported at $4.67 million, below the average estimate of $6.07 million, but showed a substantial year-over-year increase of +56.1% [4] - Net earnings per share (diluted) was reported at -$0.30, compared to the average estimate of $0.26 [4] Stock Performance - Shares of Rexford Industrial have returned +4.5% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

LOS ANGELES, Feb. 4, 2026 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2025. Full Year 2025 Financial and Operational Highlights (all comparisons to Full Year 2024) "We closed 2025 with solid performance and made ...